Just like other businesses, the banking industry has had to change to meet the changing needs of its customer base.
According to Insider Intelligence, global assets were over $124 trillion in 2018. Because of the huge amount of money that banks are managing, they are continually introducing new, enhanced features to help draw in potential customers and keep the customers happy.
What is Ahead for the Banking Industry?
We are seeing more startups, neobanks, and even credit card services now offering savings, checking, and loans, which had previously been the role of traditional banks. Here are some trends we can expect to see in the future in the banking sector.
We have already been experiencing the shift to digital banking. We have been using mobile and online banking for years. But one of the biggest benefits is convenience and immediacy. With GenZ and Millennials, these financial resources are key. Today, any business and especially those in the financial and fintech sectors must have mobile and digital banking in order to compete.
In the past, we met with a banker for human-to-human interactions, when it came to investment options. Today, AI has taken over. There are more robo-advisors entering the financial space. It relies on predictive analytics that investors can use to help them make investment decisions. The information gleaned from these technology innovations is based on facts and results, giving the investor the tools they need to make educated decisions.
Banking as a Service (BaaS):
Banking is very tightly regulated in the U.S., but a way to get around some of these parameters is by using banking as a service (BaaS). The platform enables fintechs to connect with banking systems to build new offerings on top of traditional regulated offerings. This enables more “open banking” options from different sources instead of customers only being able to utilize the services of one financial institution.
Banking Geared to a Population Segment:
Today, we are seeing many businesses find their place in the financial sector, by building their financial services geared to help a specific segment of the population. This is what we have seen with OneUnited Bank. The bank started a new financial service to help minorities and the African American population with their particular needs. This program was coined BankBlackX and was founded by industry experts Kevin Cohee and Terri Williams.
Look Out for More Changes Ahead
As we see more technological advances, we expect to see more and more changes in the financial industry. More technology and ease of use will be two key factors we expect to see in the evolution of financial services.
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